The proposed legislation, known as the Strategic Pension Protection Act, aims to authorize state retirement systems in Oklahoma to invest in certain digital assets, including Bitcoin and other cryptocurrencies. The bill defines key terms related to digital assets, such as "Bitcoin," "digital asset," "exchange-traded product," and "stablecoin," providing clarity on the types of investments permitted under the new law. It establishes that any state retirement system may invest in exchange-traded products that are registered with the appropriate regulatory bodies, specifically the United States Securities and Exchange Commission or the Commodity Futures Trading Commission.

Additionally, the bill imposes a limitation on the amount of funds that can be invested in these digital assets, capping it at five percent of the total funds in the retirement account at the time of investment. The act is set to take effect on November 1, 2026, and includes provisions for noncodification and codification within the Oklahoma Statutes.